InfoCast e-Learning Receives Multi-year Contract Through e-Fundi; First Year Revenue Estimated to Be in Excess of $4 Million
CHICAGO, May 24 /PRNewswire/ -- InfoCast Corporation, (OTC Bulletin Board: IFCC), announced today that it has received a 3-year contract with e-Fundi, a South African Training Company, valued in excess of $4 million in the first year. The contract is focused primarily on the development of an integrated learning solution for the Kindergarten to Grade 12 education market, including course content that addresses student and adult literacy.
"We are truly excited about the opportunity to work with e-Fundi to help build South Africa's training system for the 21st century. This solution will allow South African schools to become centers for community life with a focus on skill development," remarked Bill Lowe, Chairman and Chief Executive Officer of InfoCast Corporation.
The primary objective of this agreement is to provide an affordable training solution to each of the 32,000 schools throughout South Africa, helping them progress toward outcomes-based education. To date, one-third of the schools have committed to the InfoCast e-Learning solution.
The solution will provide students with all of the necessary tools to access state-of-the-art course content through an advanced and proprietary delivery system solution developed by InfoCast.
"The training solution that InfoCast has developed for the K-12 education market in South Africa, is the first program of its kind," said Glen O'Moore, Managing Director for e-Fundi. "This venture not only provides the students with a remarkable learning opportunity but ensures access to a brighter future."
Within the first year of the contract, e-Fundi has committed to a $4 million purchase of InfoCast's integrated learning solution that includes a full curriculum for computer fundamentals and Microsoft Office. Information Technology (IT) skills training (including MCSE Windows 2000 and A+ Training Courseware), will also be part of the first phase of learning for students.
Through this comprehensive offering, InfoCast has identified an industry segment that is experiencing phenomenal growth. According to IDC, the current market for online learning is $2 billion. By 2003, the market is estimated to grow to $11.4 billion and 68% of K-12 classrooms will have access to the Internet, up from 52% in 1998.
Stephen Williams, President of InfoCast noted, "We are planning to take the success of this project, combined with the customized InfoCast e-Learning portal and focused e-enabled courseware content, to other global markets. This contract provides the validation of our model and we plan to build on that by targeting and replicating this success." |
